Independent Standard-Setting Boards

The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.

The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.

The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.

Risk Management & Internal Control

Proper risk management and internal control help organizations understand the risks they are exposed to, put controls in place to counter threats, and effectively pursue their objectives. They are therefore an important aspect of an organization’s governance, management, and operations. Professional accountants can and should play a leading role in helping their organizations achieve an integrated, organization-wide approach to risk management and internal control—which ultimately helps create, enhance, and protect stakeholder value. Read More

Assists management, boards of directors, external stakeholders, and others interacting with the entity by providing both understanding of what constitutes a system of internal control and insight into when internal control is being applied effectively.

Highlights areas where the practical application of existing internal control standards and frameworks often fail in many organizations and assists professional accountants in business to continuously evaluate and improve internal control, and ensure that it is integrated into governance and risk management.

Includes a framework-consisting of a series of fundamental principles, supporting guidance, and references-for how professional accountants can contribute to evaluating and improving governance in organizations.

The impact of fraud on small companies, including startups, can be much more devastating than a similar loss experienced at larger, more established organizations. This makes it imperative for smaller organizations to develop adequate internal controls.